Property prices in Gurugram is soaring owing to multiple factors – from rising aspiration and affluence to the massive infrastructure development that the city is witnessing. Easy accessibility to the Indira Gandhi International Airport is among the many reasons. The city is also witnessing a huge demand from corporate executives, millionaires, and NRIs. Wealth accumulation, rental income and the rising interest in real estate as an asset class is driving the demand for homes.
What is your assessment of the real estate scenario in the Delhi-NCR market?
Delhi-NCR has always been the favourite destination for real estate investment. Its strategic location, burgeoning economy, and growing population make it an irresistible proposition for developers and investors alike. With a robust demand for both residential and commercial spaces, the region offers lucrative opportunities for capital appreciation and rental yields. According to a report by Cushman & Wakefield, Delhi-NCR’s real estate market has attracted highest private equity investment of $633.3 million during January-June period of this year as investors look to encash high demand for prime office space and luxury housing. Gurugram has emerged as the most preferred destination for luxury and ultra-luxury real estate.
Gurugram is today the most preferred choice for homebuyers. How do you see the market in the coming years?
Gurugram has evolved into an aspirational city as employment opportunities and residential options moved to this part of the National Capital Region (NCR) several decades ago. The city is home to more than 250 Fortune 500 companies emerging as a preferred destination for offices and GCCs; thereby driving demand for homes. The city has given the highest return on investment in Delhi-NCR. As infrastructure and connectivity improved, new real estate hotspots like Golf Course Extension Road and Dwarka Expressway emerged and quickly became the preferred choice for luxury homebuyers who desired world-class amenities and green spaces. The homebuyers’ sentiments on the ground, displayed by strong sales and lineup of new supply by developers, point to a robust growth and optimism going forward. The city has seen a significant increase in aspiration and affluence levels. Wealth creation and income generation have become the prime driver for increased investment in luxury residential market.
Dwarka expressway and Golf Course extension have seen significant rise in price in the past years. How do you see this trend?
Dwarka Expressway and Golf Course Extension have emerged as prominent micro markets in NCR. The operationalisation of several infrastructure projects has made connectivity seamless. Golf Course Extension Road provides easy connectivity with Gurugram-Sohna Expressway, SPR, Dwarka Expressway, Delhi-Mumbai corridor, Indira Gandhi International Airport, and commercial hubs within the city. Similarly, with the operationalisation of Dwarka Expressway, a major shift in population is being witnessed especially from the South-West part of Delhi. We look forward to these micro market for our future expansion in view of its excellent connectivity and liveability and expect further escalation in prices and launches. According to PropEquity, weighted average price of newly launched projects on both Dwarka Expressway and Golf Course Extension have gone up by 101% and 53% respectively between 2021-24.
What aspects in a luxury housing project is attracting homebuyers?
While opulence at one point was the unique selling proposition by the developers, it is slowly giving way to discerning homebuyers looking for low density living with more open and green spaces. For example, in certain pockets of Gurugram, the spectacular unobstructed views of the Aravalli range offer inhabitants a life beyond the din and bustle of urban life. Ecologically-sensitive developers, while being mindful of the design and aesthetics, have launched projects that not just cater to homebuyers’ health but also the environment by blending the harmony, atmosphere and dense foliage outside with smart layouts and landscaping inside. We have recently launched 4S The Aurrum which offers not just 270-degree views of the Aravalis but also is a low-density project, a one-of-its-kind on Gold Course Extension Road.
How do you see Gurugram property market during the coming three months given the last quarter saw some slowdown in launches and sales?
In the past couple of years, real estate market has seen tremendous growth owing to rising aspiration, increased investment from a wide section of income group and a robust infrastructure development. Discounting the temporary drop this quarter, except NCR, the coming festive season will witness a renewed momentum in sales and launches thereby maintaining the annual levels seen in the last few years. The NCR market, however, continues to soar in both launches and sales and the reasons are evident from the way several micro-markets in both Noida and Gurugram have evolved post-pandemic.
